Inmarsat US$1.85bn term loan and revolver refinancing (2024)
Refinance the 2019 take-private facilities
Key terms
- Borrower or issuer
- Inmarsat (Connect Bidco)
- Date
- 28 Mar 2024
- Type
- Bank facility
- Amount
- US$1.85bn
- Maturity
- 2029-09
Recorded terms
- Structure
- Refinancing amendment: new US$1.3bn term loan (fully drawn) and US$550m undrawn revolving credit facility, replacing the US$700m revolver and most of the US$1.75bn 2026 term loan B
- Lenders and arrangers
- Bank of America, N.A., successor administrative agent and collateral agent; Barclays Bank plc, existing administrative agent
- Country
- United Kingdom
Parties
- Inmarsat (Connect Bidco) borrower or issuer
- Lenders: Bank of America, Barclays
Similar financings
| Date | Financing | Type | Amount |
|---|---|---|---|
| 11 Apr 2024 | BlackSky US$20m revolving credit facility (Stifel Bank) | Bank facility | US$20m |
| 10 Oct 2023 | Aireon US$175m secured term loans | Bank facility | US$175m |
| 20 Sep 2023 | Iridium US$1.5bn term loan B and US$100m revolver (2023 amendment) | Bank facility | US$1.6bn |
| 24 Aug 2023 | Viasat US$597.5m revolving credit facility (2023 extension) | Bank facility | US$597.5m |
| 14 Aug 2023 | AST SpaceMobile US$100m senior secured term loan (Atlas Credit Partners) | Bank facility | US$100m |
More from Inmarsat (Connect Bidco)
| Date | Financing | Type | Amount |
|---|---|---|---|
| Oct 2019 | Inmarsat US$2.08bn 6.75% senior secured notes due 2026 (take-private financing) | Bond | US$2.08bn |
M&A and investment involving Inmarsat (Connect Bidco)
| Date | Deal | Type | Value |
|---|---|---|---|
| 30 May 2023 | Viasat acquisition of Inmarsat | M&A | US$7.3bn |
| Dec 2019 | Connect Bidco take-private of Inmarsat | M&A | Not disclosed |
Sources
- Viasat Form 8-K: Inmarsat refinancing amendment sec.gov · 28 Mar 2024
About this record
Record ORB-2024-0016, taken from an issuer, lender or government announcement. Confirmed against the primary documents listed. Amounts are as announced; US$ equivalents use approximate annual average exchange rates. Spotted an error or have a document we have missed? Send a correction, and changes are logged on Updates and corrections.
Read the structure
A revolving or term facility is a relationship loan from a bank group, priced at a margin over a reference rate, with financial covenants and an agent.
